Kennedy Wilson Europe Real Estate has announced the issue of €300 mln of senior unsecured notes with an annual fixed coupon of 3.25%.
Kennedy Wilson Europe Real Estate has announced the issue of €300 mln of senior unsecured notes with an annual fixed coupon of 3.25%.
The notes are being issued with a minimum denomination of €100,000 and a maturity of 10 years due 2025.
'This successful second debt issuance allows KWE to further diversify its funding sources and access the Euro debt capital markets which aligns with our committed acquisitions and investment pipeline,' commented Mary Ricks, president and CEO of Kennedy Wilson Europe.
Ricks said the 10-year term further staggers the group's debt maturities, increasing the overall weighted average term to maturity to 5.8 years and cost of debt to 2.9%.
'We continue to move to a more flexible corporate debt structure whilst maintaining an accretive spread between our running yields and cost of debt,' she noted.
Morgan Stanley is acting as sole book runner and underwriter. J.P. Morgan Cazenove, Bank of America Merrill Lynch and Deutsche Bank are co-lead managers.
